The US Dollar is bouncing back today, regaining 100.00 but it’s not taking all markets down. CAD is rallying along with the price of oil. GBP is climbing at the expense of EUR as traders look toward Brexit with Cable regaining $1.2500 and GBPJPY climbing. On the other hand, NZD has fallen to test $0.7000 and looks troubled. Indices are also mixed today with Australia, Germany and US indices climbing, while the UK 100, Japan 225 and Hong Kong 50 struggle.
Asia Pacific Indices
Australia 200 continues to surge upward, building on its breakout over 5,835 by rallying toward 5,900 with support rising toward 5,870. Next resistance appears between a measured 5,990 and the 6,000 round number. RSI confirms increasing upward momentum but nearing overbought territory.
Japan 225 is bouncing around between 19,040 and 19,220 recently trading in the middle near 19,155. It still appears vulnerable trading below a broken uptrend line near 19,275 and with RSI still stuck below 50 indicating distribution. Next support possible near 18,910.
Hong Kong 50 appears to be rolling over with resistance dropping toward 24,350 from 24,460. RSI falling toward 50 indicates upward momentum slowing and a downturn pending. Next potential support near 24,260 then 24,000.
North American and European Indices
US 30 is on the rebound, rallying back up toward 20,740 from 20,670, while the RSI has regained 50 to indicate momentum turning back upward. It needs to retake 20,760 its previous breakdown point to confirm an upturn but could challenge 21,000 again if successful.
US SPX 500 is hanging around 2,365 trading between 2,355 and 2,375. RSI bouncing around 50 suggests sideways momentum a 2,338 to 2,380 trading range emerging above its 50-day average.
US NDAQ 100 is breaking out over 5,436 to a new high today, advancing on 5,443 after an attempt to knock it back down failed. Next potential resistance near 5,500 then a measured 5,570. A growing negative RSI divergence indicates upward momentum has peaked and a downturn possible.
UK 100 ran into resistance near 7,400 a lower high and has started to drop back in what looks like the right shoulder of a head and shoulders top forming with the head near 7,440. RSI back at 50 suggests momentum poised to turn downward. Next support near 7,335 then then neckline near 7,260.
Germany 30 appears to be levelling off in the 12,200 to 12,250 area consolidating its recent breakout over 12,100 that completed an ascending triangle. RSI breaking out of a downtrend indicates upward momentum accelerating. Next measured resistance possible near 12,350.
Commodities
Gold is trading near $1,245 having slipped back from $1,250 as upward momentum slows for now and the price pauses for a rest. Upside resistance appears near $1,255 a Fibonacci level then the 200-day average near $1.260. Downside tests possible near $1,242 and $1,230 the latter a Fibonacci test.
Crude Oil WTI is rallying up out of a base today, clearing $49.00 and rallying to test the $50.00 round number. RSI regaining 50 signals momentum turning upward again. Next potential resistnace near $50.60 then the 50-day average near $51.25.
FX
US Dollar Index is breaking out of a rounded bottom today, retaking the 100.00 round number. RSI regaining 50 confirms momentum turning back upward. Next potential resistance near 100.40 then 101.00 with support near 99.55 then 99.00.
EURUSD’s retreat is accelerating today with the pair diving from near $1.0770 through $1.0720 a Fibonacci level and on toward $1.0690. RSI falling under 50 confirms momentum turning back downward. Next potential support appears near $1.0670 the 50-day average then $1.0655.
GBPUSD is on the rebound, regaining $1.2500 as it continues to rally up off of a higher low near $1.2400. Support rises toward $1.2470 as base building continues. RSI holding 50 confirms underlying upward momentum intact. Next resistance possible in the $1.2580 to $1.2600 area.
NZDUSD is testing the $0.7000 round number again having dropped back form $0.7035. It looks vulnerable with RSI under 50 and falling indicating increasing downward momentum. Next potential downside tests appear near $0.69645 then $0.6900.
AUDUSD is bouncing around between $0.7650 and $0.7680 holding above $0.7600 but stick below $0.7725. RSI level near 50 indicates a consolidation phase underway.
USDSGD remains in a downtrend of lower highs below $1.4000 trading near $1.3960. It appears to be consolidating recent losses while forming a descending triangle above its 200-day average near $1.3920 with next potential support after that near $1.3880.
USDJPY has bounced back above 111.00 from 110.00 and appears to be forming a rounded bottom below 111.60 with next resistance possible near 11235. RSI climbing up off 30 indicates downward pressure easing.
GBPJPY is starting to turn back upward rallying up off of 138.00 toward 139.30. It needs to retake 140.00 and 50 on the RSI to signal an upswing that could challenge falling channel resistance at eh 50-day average near 140.65.
EURJPY remains under pressure with resistance falling toward 119.50 from 120.00 and the pair testing 119.00 a Fibonacci level and channel bottom with next potential support near 118.25 then the 200-day average and a Fibonacci test near 117.50. Falling RSI indicates downward pressure increasing.
USDCAD continues to turn downward with its fall away from $1.3400 accelerating as the pair drops into the $1.3280 to $1.3320 area. RSI breaking under 50 confirms a downturn in momentum. Next potential support near $1.3235 then $1.3200 the 50 and 200-day averages.
